Associate Bonus Watch 2008

Associate Bonus Watch: Paul Weiss Gets It Over With

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Even I have “adjusted” to the fact that the market thinks Half-Skadden set the market with their low associate bonuses. People are afraid for their jobs and firms have an opportunity to use the fear to save a buck. Why compete with elite firms like Skadden when there’s money to be made?

Still, a few people have held out hope the one of the last remaining top firms will stick it to Cravath and all the other followers with a Skadden level bonus. Unfortunately, this morning another top firm fell into the Cravath morass. Paul Weiss associates were informed this morning:

Thank you for your contributions to the Firm and for your important role in helping accomplish the extraordinary results we achieved for our clients this past year. Below is a schedule of 2008 associate bonuses by class.

Class Year: Bonus

2008: $17,500 (pro rated)

2007: $17,500

2006: $20,000

2005: $22,500

2004: $25,000

2003: $27,500

2002: $30,000

2001: $32,500

2000: $32,500

Weil? S&C? Bueller? Frye?

Read the full memo after the jump.


PAUL WEISS — MEMO — 2008 ASSOCIATE BONUSES

Thank you for your contributions to the Firm and for your important role in helping accomplish the extraordinary results we achieved for our clients this past year. Below is a schedule of 2008 associate bonuses by class.

Sponsored

Class Year Bonus

2008 $17,500 (pro rated)

2007 $17,500

2006 $20,000

2005 $22,500

Sponsored

2004 $25,000

2003 $27,500

2002 $30,000

2001 $32,500

2000 and senior $32,500

The payment of bonuses is subject to our normal procedures regarding good standing and pro ration for those who joined the firm during 2008 or who work less than a full-time schedule. Counsel bonuses will be announced separately.

On behalf of every partner in the firm, I extend my personal thanks to each of you.

Earlier: Prior ATL coverage of associate bonuses.

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